FG’s N112bn investments in gas sector will unleash Nigeria’s gas potential, says TMV

Abuja, Oct. 4, 2024 – The Tinubu Media Volunteers (TMV) has hailed the federal government’s approval of a N112bn funding for the development of Nigeria’s gas sector as a bold move toward entrenching a future of clean energy in the country.

The group said this in a statement signed by its Chairman Chukwudi Enekwechi and Secretary Sunday Shedrach Gyungoun.

It said it was enthused that the government was partnering with indigenous companies to revolutionise the sector.

“We note with excitement the release of N122 billion by the federal government to six indigenous gas infrastructure companies with a view to transforming the midstream gas value chain across the country.

“It is our considered opinion that the latest development will not only revolutionise the country’s energy sector but also enable it to be driven by gas. 

“We state without equivocation that the use of gas will go a long way to reducing the cost of energy in the country, both domestic consumption and the automotive sector.

“We also see this move as a demonstration of President Tinubu’s commitment to foster business relationships between the government and private sector and help create more jobs locally.

“We acknowledge that the government’s commitment to the development of the gas sector is in tandem with the global move towards clean energy especially as the country has a huge deposit of gas to accomplish it.

“And for us, the cheap cost and energy-friendliness of gas will greatly improve the country’s energy supply and reduce over-dependence on crude oil.

“We therefore commend the Tinubu administration for committing its resources towards unleashing the vast potentials of the Nigerian gas sector,” it added.

TMV also urged the business entities, which benefitted from the funding under the Midstream/Downstream Gas Infrastructure Fund (MDGIF) Promoters Agreement to prove that Nigerian companies have what it takes to develop the gas industry.   (GBN)